Bequest Includes CryptoPunk, Art Blocks and World of Women
Cozomo de’ Medici, a pseudonymous NFT collector and longtime supporter of on-chain artwork, has donated 22 outstanding artworks to the Los Angeles County Museum of Art (LACMA).
The works have been created by 13 worldwide artists between 2017 and 2022, and the donation marks the primary time {that a} distinguished museum has accepted an endowment of digital artwork from a non-public collector, in response to de’ Medici.
de’ Medici hopes their donation will increase consciousness of digital artwork, as the gathering will now be displayed alongside works by legendary artists like Rembrandt, Picasso and Monet.
The bequest consists of CryptoPunk #3831 from Larva Labs, Woman n°001 by Yam Karkai and Ringers #962 from Dmitri Cherniak, and spans all the foremost genres, together with generative artwork, 1/1, guide, video, AI, 3D, sculpture and images.
The present is value thousands and thousands, as CryptoPunk #3831 alone was offered for $2.08M in July 2021 and acquired an eyewatering bid of $27.5M in December 2021.
de’ Medici and LACMA have intentionally avoided utilizing the time period NFT.
“The term NFT has a stigma attached to it, so we’ve stepped away from it,” de’ Medici informed ARTnews in an interview.
Leading figures within the NFT house have been making an attempt to bridge the digital and conventional artwork worlds by means of such endeavours.
Earlier this month, Yuga Labs donated CryptoPunk #110 to France’s Centre Pompidou as a part of its Punks legacy mission.
The program was inaugurated in November 2022, with CryptoPunk #305 being donated to the Institute of Contemporary Art, Miami.
NFT Market Bounces Back
The NFT market is exhibiting indicators of restoration after enduring a brutal downturn in 2022. Yuga Labs’ collections stay crowd favorites with the Bored Ape Yacht Club (BAYC) and CryptoPunks commanding virtually 50% of NFT market capitalization.
Since the start of the yr, customers have been more and more borrowing ETH towards their digital artwork holdings from main lending platforms like NFTfi, BendDAO and X2Y2.
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